The Occupational Pension Schemes (Transfer Values) Regulations 1996

[F1 [F2 8.   Where— E+W+S

(1) The cash equivalent shown in a member’s statement of entitlement—

(i) relates to safeguarded benefits, as defined in [clause 48(8)] of the Pension Schemes Act 2015; and

(ii) is to be used for acquiring transfer credits in relation to safeguarded benefits under the rules of another scheme; and

(2) The receiving scheme has undertaken to provide benefits at least equal in value to the benefits represented by that cash equivalent on payment of a lesser sum (including nil),

the initial cash equivalent may be reduced so that the cash equivalent is that lesser sum.]]

Textual Amendments

F1 Sch. 1A para. 8 substituted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 10(3)

F2 Schs. 1A-1B inserted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050) , reg. 1(1) , Sch. 1